After completing this chapter, you should be able to:

1. List the elements of a good forecast.
2. Outline the steps in the forecasting process.
3. Describe at least three qualitative forecasting techniques and the advantages and disadvantages of each.
4. Compare and contrast qualitative and quantitative approaches to forecasting.
5. Briefly describe averaging techniques, trend and seasonal techniques, and regression analysis, and solve typical problems.
6. Describe two measures of forecast accuracy.
7. Describe two ways of evaluating and controlling forecasts.
8. Identify the major factors to consider when choosing a forecasting technique.